Not sure why you are asking. Its your car. You can put anything you want to on the car. If others are up set with it, let them make the payments for you.
I would never ask a strangers opinion in this day and time.

If I was going to do this I would move it to be about 2" below the rear red reflector and 2" away from the edge of the vent. Right now it looks lost in some random location that is way too low and too close to the edge.

This is actually not a sticker. If it's like the one I have, it's a badge, which looks good. I have mine in front of the rear wheel well.

Yeah, like that better then on the rear panel. My DD came with small decals low on the rocker just infront of the wheelwell. Some guys take them off but I left mine alone. Generally don't add or remove factory applied graphics.

I have a z51 and would not put one on but every one is different. If you like it go for it. Hell last week I had a scrap piece of wrap left over from making a hood stinger and tried my so called talents on a Grand Sport fender hash stripe. Didnít cost anything and I will probably take it off at some point but it was fun to make.